Lowe's president Larry Stone to retire

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Mooresville, N.C.-based Lowe's announced Friday that Larry Stone, president and chief operating officer, will retire June 2 after more than four decades with the home improvement giant.

Stone has served in virtually every leadership position within store operations and merchandising during his 42-year career with the company, and many credit him for Lowe’s success and rise into the No. 2 position among home-improvement retailers

“After more than four decades of commitment and dedication to the company he truly loves, we knew the day would come when Larry retires and begins the next chapter in his life,” said Robert A. Niblock, chairman and CEO. “He has made many important and lasting contributions to Lowe’s during his career. It would be an understatement to say he will be missed.”

The company said it does not plan to fill the president and chief operating officer position after Stone’s retirement. Niblock and Stone will work together over the coming months to ensure a smooth transition.

Lowe’s also promoted Robert J. (Bob) Gfeller Jr. to the post of executive VP merchandising. He will replace 37-year veteran Nick Canter, who previously announced his retirement, effective in March.